Greenville Real Estate Market Snapshot of Homebuyers
The above information highlights just how fast this market is changing for the better. Greenville real estate is rapidly moving upward as first time buyers and second time home buyers are looking at moving. As prices continue to rise and mortgage rates continue to stay at near record lows, the time is right for buyers to hit the market and start their home buying process.
Let’s take a look at the numbers though to see just what we are experiencing in the Greenville real estate market. The average age for the primary real estate buyer was 38 and the average age for the second home buyer was 47. Just a 9 year difference separates those looking to switch their primary homes to those looking to purchase a secondary home like a vacation property. As the median age states 47, this is relatively low compared to what we have seen in the past for Greenville home buyers who would like a second property to enjoy. The normal American family is now looking to take advantage of the relatively lower prices and mortgage rates by purchasing a vacation home.
As we can tell from the mortgage percentages for second home buyers, 66% shows that only 2/3rds of the group are actually utilizing mortgages compared to being a cash buyer. Cash buyers are still populating the market as prices have risen, but are still just a little bit below the height of the Greenville real estate prices in 2007. With lower prices and the ability to receive a “deal” on their home, it is no wonder why many buyers are now looking to deal with cash only. But, those that are looking to deal with mortgages, 77% and 66%, are finding that the rates are around the 4.40%. These are still well below the averages that we have seen in the past being well over 8% and in to the double digits. While the rates remain low, many first time buyers are seeing the potential investment opportunity on owning a Greenville property in comparison to renting.
It is no shock that the south had the highest amount of second homes as the prices tend to be low while the weather remains warmer year round. With an astounding 41%, it is easy to conclude that many home owners are looking for that vacation property to spend time at during the summer and winter months, as well as for a quick trip to escape reality. The take away that we can state from this graph though is that the real estate market is coming back. With Greenville real estate set to continue to thrive during the summer months of 2014, we are very ecstatic to see how these statistics change for the better very soon.